Ahmed Kojak
Kojak said in a TV interview that the ministry has made great strides in completing the procedures for offering the sukuk, which it is seeking to complete during the current period.
Kouchouk said Egypt is also working on reducing its debts and budget deficit.
This came during his speech in a session entitled "The Challenges of Economic Reforms in the Arab Region" in the Arab Banking Conference in Beirut.
Kojak made the remarks at the conclusion of a training course organized by the Finance Ministry to qualify a new generation of leading cadres, said a statement by the ministry.
The plan also aims at reducing the rate of total budget deficit to about 7 percent of GDP in the fiscal year 2019/2020.
We used to borrow to repay both maturing debt as well as to finance new debt,” Kojak said.
The dollar-denominated bonds come with maturities of five, 10 and 30 years in a sale and will be offered at high revenues, as the subscriptions exceeded $21.5 billion.
"The strategy aims to reach 30 percent of the external debt of GDP in 2022," Deputy Finance Minister said.
The Ministry of Finance, prepared an integrated strategy to reduce the government debt in the medium term, according to Minister Mohamed Ma’it.
Egypt last week announced the names of the first five state companies that will offer shares this year.
Egypt achieved a primary fiscal surplus for the first time in 15 years, making 4 billion Egyptian pounds ($224 million), Kouchouk said in a news conference.
Kojak revealed three programs at the new state budget that aim to maintain social justice.
The government targets to increase market capitalization from 20-21 percent of gross domestic product to 50-60 percent
Egypt aims to sell Eurobonds worth $3-4 billion in the fiscal year 2018/2019.
Egypt succeeded in issuing Eurobonds worth $4 billion on three tranches; three, five and 30 years, according to the Ministry of Finance's statement.
Egypt will receive the 4th tranche of the IMF $12 billion fund facility at a value of $2 billion in June or July 2018.
Egypt's inflation rate, which was around 30 percent in May, will rise by between 3 and 4.5 percentage points following last week's fuel price hike.
Egypt attracted $8.4 billion of foreign investment in domestic debt instruments since the flotation of the pound in November up the end of May.
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